Ericsson announces sale of customer support business in Russia

Swedish telecommunications company Ericsson entered into an agreement for the sale of the Russian customer support business with former operations managers of its subsidiary in the Russian Federation. About it informs Ericsson press office.

Russian subsidiary of Ericsson <....> entered into an asset transfer agreement under which the local customer support business will be sold to a Russian company owned by former operating managers of Russia’s Ericsson.

It is noted that as part of the deal, about 40 Ericsson employees will move to the Russian company. In addition, the agreement includes the transfer of certain assets and contracts related to the business. The amount of the transaction is not disclosed.

Ericsson added that in 2023 they intend to be present in Russia at the local level in order to complete the liquidation of the company in the country.

Ericsson reported about the suspension of work in the Russian Federation in April against the backdrop of the start of Russia’s special operation in Ukraine. The company clarified that it stopped supplying telecommunications equipment to Russia at the end of February. In August, Ericsson announced that it would wind down its activities in Russia. According to CEO Börje Ekholm, the company is leaving the Russian market lost 1.2 billion Swedish kronor, or about $130 million.